Also under the proposal, the top tax rate for small businesses would be lowered from 39.6 percent to 25 percent, according to Axios.

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The cuts offer the first glimpse at the tax reform proposal being developed by the "Big Six" congressional leaders and administration officials. Trump is expected to unveil the plan in Indiana on Wednesday.

The plan also calls for reducing the current number of tax brackets from seven to three. While the top bracket for individuals is expected to be lowered to 35 percent, it's not clear what the other two rates will be.

The Washington Post reported Friday that corporate tax rate is also set to be slashed under the plan from 35 percent to 20 percent — a decrease that would fulfill Trump's promise to lower the business tax.

Democrats have said that they will not support any tax plan that would cut rates for the wealthiest Americans or raise the deficit, which the proposal would likely do.

The plan could also face pushback from members of the ultra-conservative House Freedom Caucus, which hasn't been involved in developing the "Big Six" proposal and has called for a 16 percent corporate tax rate.